ASX soars in two-week best; Santos up amid pipeline buy; Telstra shreds on result

ASX enjoys its best session in two weeks as discretionary and real estate leap. Mirvac jumps on earnings, Lake Resources rockets, while AMP and Telstra slide on FY22 results.

Investors are responding to signs of easing inflation in the US, earnings season updates. Picture: NCA Newswire /Gaye Gerard

Welcome to the Trading Day blog for Thursday, August 11. The Australian sharemarket had its best session in two weeks on a strong rally led by consumer discretionary and real estate as earnings season heats up.

The S&P/ASX 200 index rose 1.1 per cent, or by 78.33 points, to close at 7071, with all sectors bar utilities higher.

The Dow Jones index gained 1.6 per cent, S&P 500 was 2.1 per cent higher and the tech-heavy Nasdaq surged 2.9 per cent to enter a new bull market.

US 10-year bond yield fell to 2.79 per cent while the two-year yield fell to 3.23 per cent.

Oil prices are higher with global benchmark Brent crude 1.1 per cent higher to $US97.40 per barrel and US Nymex crude price gained 1.6 per cent to $US91.93 per barrel.

Iron ore futures fell by less than 0.1 per cent to $US109.27 per tonne.

The Australian dollar was buying US70.86 cents at local close.